Everyone at UBank loves Sweeps, and lots of our customers do, too. But we do get quite a few questions about it. What is it? Why is it good for me? How does it work? Are there different kinds of Sweeps?
We’ve answered your FAQs to help you understand exactly how Sweeps work, and why you should sign up for a UBank account if you haven’t already!
What is it?
Think of Sweeps as technology which allows your savings and transaction accounts to be BFF’s and work together so you get more from each account – without you having to lift a finger.
How? Sweeps are automatic transfers between your USaver (savings) and your Ultra (transaction) accounts to help ensure two things:
- You have money on hand for your everyday purchases (assuming, of course, you have the funds available).
- Your spare cash can be earning you interest.
Why is it good for me?
Or maybe, “why is my bank moving my money between my accounts” are questions you’re asking yourself.
Our Sweep technology was developed with our customers in mind; to make it as easy as possible for you to earn interest on your spare cash, while ensuring you can still access your money when you need to.
How does it work?
First, let’s look at Overnight Sweeps.
Simply choose a minimum ($100 or more) balance for your Ultra then leave the rest to us.
At the start of each day, we’ll sweep whatever amount is needed from your USaver into your Ultra, so that at least the minimum amount you’ve chosen is ready for you when you wake up.
Spend throughout the day as needed (coffee, groceries, transport etc.), knowing that we’ll top up your Ultra for you that night.
It works the other way too. If you get your pay put into your Ultra (or receive a deposit from someone), and it takes you over the maximum amount you’ve set, at the end of the day, we’ll sweep that excess into your USaver, so it can earn interest.
What if I need to access more than what’s in my Ultra?
We’ve thought of that too! Say you want to make a purchase that would take your Ultra into the red, or maybe you need to pay a bill – that’s where Live* Sweep can help.
Perfect for when you want to make a purchase in-store (like that TV you’ve been saving for), we’ll move money from your USaver into your Ultra in the blink of an eye so that your purchase can go through.
Just remember: for in-store purchases, Live Sweep won’t work if you use PayWave or if you select “credit” on the EFTPOS machine.
There are some other times when Live Sweep won’t kick in – which simply means you’ll need to manually transfer funds between your accounts.
*Head here for the nitty gritty on a Live Sweep.
Why am I seeing additional transactions on my statements?
Once you’re set up, don’t panic when you see additional transactions marked as ‘SWEEP’ on your statement that you don’t remember making.
This is simply a tracked record of the Sweeps as they happen so you have visibility on everything that’s happening with your UBank accounts.